Bank of Canada holds interest rates: Read the official statement

Here’s the Bank of Canada’s official statement for its rate decision:

The Bank of Canada today maintained its target for the overnight rate at 2.75 per cent, with the Bank Rate at three per cent and the deposit rate at 2.70 per cent.

Since the April Monetary Policy Report, the U.S. administration has continued to increase and decrease various tariffs. China and the United States have stepped back from extremely high tariffs and bilateral trade negotiations have begun with a number of countries. However, the outcomes of these negotiations are highly uncertain, tariff rates are well above their levels at the beginning of 2025, and new trade actions are still being threatened. Uncertainty remains high.

While the global economy has shown resilience in recent months, this partly reflec